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2014 (4) TMI 968 - ITAT MUMBAIAddition on account of sale of furniture – personal effects - Held that:- There is no evidence of the user of the bunglow by the assessee for the purpose of his residence or even his family - the CIT(A) have not accepted the additional evidence sought to be adduced before him, and toward which no argument or ground stood raised - there is no evidence with regard to the user of the building for the purpose of own residence – the assets was held for personal user, so as to be excepted from the definition of a capital asset u/s. 2(14) - The assessee shall be entitled to some relief for the cost of the assets which are to be only considered as capital assets - The acquisition of the assets is taken as during the year 1999 at the time the bunglow was given on lease for the first time - while the total sale consideration shall continue to be assessed as that against furnished bunglow, its cost shall be increased by Rs. 2 lacs, taken as expended during the F.Y. 1999-00, considering them as a part of the capital assets sold along with – thus, partial relief granted. Credit for house-hold and living expenses – Held that:- The nature and source of the credit to the assessee’s account has been explained - The quantum of the living expenses incurred by the assessee has not been questioned - No enquiry has been made to ascertain if the assessee is indeed living with his family, as a joint family, and whether their total household expense, i.e., as incurred by the assessee is in consonance with the needs and the living standards of the extended/joint family - The Revenue cannot merely reject an explanation convert a good explanation into a bad one - The source of the credit is a corresponding debit to the account of the father in the books of UC, a family partnership concern - It is not necessary for the assessee to maintain a loan account of his father, which is an irrelevant consideration - No case for the non-acceptance of the assessee’s explanation is made out – the addition is set aside – Decided in favour of Assessee.
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